Nothing prevents a team of very skilled programmers from implementing such a feature, if that's what you're asking. No such pre-built system exists that can just be plugged into a game, and the animation requirements and programming effort would be such that it'd be a very difficult task (and certainly beyond my meager capabilities, so the rest of my post is just me thinking).

The "open world" part is irrelevant (the layout of the world doesn't affect the combat), but expanding it to online PvP (rather than just online PvE or even easier, single-player PvE) makes it harder, definitely.

I'd imagine such a system would ultimately behave similarly to the Uncharted series of games: basically, a bunch of context-sensitive pre-scripted animations that can play out based on your position relative to the enemy and the enemy's current state (orientation, and combat state - e.g. throwing a punch at you), as well as the immediately-surrounding shape of the environment.

If you haven't played the game (I've only played Uncharted 1 and 2 myself), none of that video is a cutscene - it's all gameplay. BUT you lose control for short blips of time during certain moves - i.e. once a more complicated move begins, and the player' and enemy's animations need to be synced together (for example, pulling the enemy off a roof, or grabbing onto them in any way), you lose temporary control until the synced animation plays to completion. Basic attacks like punches and kicks, and so on, don't have you lose control. But for the duration of e.g. grabbing an enemy's head and smacking him with your head, you lose momentary control. With longer moves this is more apparent and noticeable to the player (the reason why I said you "don't lose control" during basic kicks and punches is really because they are so fast you don't notice you lost control - most action games are like this while a quick animation plays out (for example, a sword-swing in 3D zelda games)).

In Uncharted specifically, you only have two or three buttons that help decide what type of move to do, and the final move chosen is based on context, not explicit player choice. So it's very interactive, but sacrifices more interactivity than most games do specifically to enable the cinematic movie feel that you seem to also be interested in that requires the animations of more than one entity to sync up together.